Welcome to our dedicated page for ENLINK MIDSTREAM news (Ticker: ENLC), a resource for investors and traders seeking the latest updates and insights on ENLINK MIDSTREAM stock.
EnLink Midstream, LLC (NYSE: ENLC) is a prominent, integrated midstream company providing tailored customer solutions across North America's prolific oil and gas regions. Formed in 2014 through a strategic combination of Devon Energy's midstream assets and Crosstex Energy, EnLink has become a leading entity with enhanced size and scale in key operating regions.
Headquartered in Dallas, EnLink's expansive infrastructure network includes gathering, processing, fractionation, transportation, and logistics assets located in the Gulf Coast, Permian Basin, STACK, Cana, Arkoma-Woodford, North Texas, Haynesville, Utica, Marcellus, and Eagle Ford. The company is committed to delivering growth and unlocking value for customers, employees, and investors through its diversified assets and strategic relationships.
EnLink's operations are segmented into key areas such as the Permian Basin, North Texas, Oklahoma, Louisiana, and Corporate. The Louisiana segment generates the maximum revenue, featuring natural gas pipelines, processing plants, storage facilities, fractionation facilities, and NGL assets.
In recent developments, EnLink has made significant strides in carbon capture and sequestration (CCS) projects, highlighting their commitment to reducing greenhouse gas emissions. For instance, their partnership in the Barnett Zero project marks one of the first commercial CCS operations in the U.S., aiming to sequester up to 210,000 metric tons of CO2 annually.
EnLink continues to demonstrate financial resilience and strategic growth. Their quarterly distribution for the first quarter of 2024 remains solid at $0.1325 per common unit. The company also completed a $250 million common unit repurchase program in 2023 and has authorized a new $200 million repurchase plan for 2024.
For more updates and detailed financial information, visit the EnLink Midstream Investor page.
EnLink Midstream reported a second-quarter net income of $9.4 million and adjusted EBITDA of $257.5 million, representing a 6.5% increase from the same period in 2020. The company experienced increased producer activity, particularly in the Permian and Oklahoma segments, attributed to higher commodity prices. Free cash flow after distributions was $71.5 million, contributing to a total of $359.4 million over the trailing twelve months. EnLink plans to maintain a balanced approach in utilizing free cash flow while striving to reduce leverage to below 4x.
EnLink Midstream declared a cash distribution of $0.09375 per common unit for Q2 2021, maintaining the same rate as Q1. This distribution will be paid on August 13, 2021, to unitholders on record by July 30, 2021. EnLink will hold a conference call on August 4, 2021, at 8 a.m. Central time to discuss Q2 earnings. The quarterly report will be available after market close on August 3, 2021. EnLink operates a robust midstream platform focused on sustainable value creation and competitive returns.
EnLink Midstream has increased its financial guidance for 2021 due to strong commodity prices and rising producer activity. The company projects net income to rise by $60 million, reaching $135 million at the midpoint, and adjusted EBITDA is set to increase 7% to $1.04 billion. EnLink also forecasts $350 million in free cash flow after distributions. Additionally, EnLink announced the formation of the Carbon Solutions Group to explore carbon capture projects, leveraging its extensive Louisiana pipeline network to support decarbonization efforts.
EnLink Midstream announced it will participate in the Energy Infrastructure Council (EIC) Investor Conference on May 19-20, 2021, in Las Vegas. Company executives Benjamin D. Lamb and Pablo G. Mercado will engage in a fireside chat on May 20. The first quarter 2021 quarterly report is available on their Investors' page. Additionally, their 2020 Sustainability Report is accessible at this link. EnLink Midstream operates a diversified midstream platform focused on sustainable value creation.
EnLink Midstream (NYSE: ENLC) announced its commitment to achieving net zero greenhouse gas emissions by 2050. This initiative includes significant emissions reduction strategies aimed at minimizing the company's impact on climate change. Key objectives include a 30% reduction in methane emissions intensity by 2024 and a 30% reduction in total CO2e emissions intensity by 2030. EnLink also released its 2020 Sustainability Report, highlighting achievements in safety and environmental performance, including a 43% improvement in Total Recordable Incident Rate (TRIR). The company joined The Environmental Partnership, further committing to emissions reductions.
EnLink Midstream reported a net income of $12.6 million for Q1 2021 and reaffirmed its financial guidance for the year. The company generated $225.8 million in net cash from operating activities and $249.4 million in adjusted EBITDA, despite temporary volume impacts from Winter Storm Uri. All systems have returned to normal, and EnLink expects to meet its 2021 adjusted EBITDA guidance of $940 million to $1.0 billion. The acquisition of Amarillo Rattler enhances its position in the Midland Basin, while EnLink targets net zero emissions by 2050.
EnLink Midstream has declared a cash distribution of $0.09375 per common unit for Q1 2021, consistent with Q4 2020. The distribution will be paid on May 14, 2021, to unitholders of record by April 30. A conference call to discuss Q1 2021 earnings will take place on May 5, 2021, at 8 a.m. Central time. Investors can find the quarterly report and earnings press release on EnLink's website after market close on May 4, 2021. EnLink continues to focus on delivering sustainable value across its midstream services.
Cushing Asset Management and Swank Capital have announced an interim change to The Cushing 30 MLP Index. Following a merger agreement between TC PipeLines (TCP) and TC Energy Corporation (TRP), TCP common units will cease public trading, pending unitholder approval on February 26, 2021. Effective March 1, 2021, EnLink Midstream (ENLC) will replace TCP in the Index at TCP's current weight. The Index tracks 30 midstream energy infrastructure companies and is calculated by S&P Dow Jones Indices.
EnLink Midstream (NYSE: ENLC) has filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2020, with the SEC. The report is available on EnLink's website under the 'Investors' section. EnLink operates a midstream platform focused on sustainable value creation, providing essential services across natural gas, crude oil, and NGL capabilities, particularly in key production regions such as the Permian Basin and the Gulf Coast. The company emphasizes its commitment to execution excellence aimed at delivering competitive returns for investors.
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